Former Amazon India executive Vikas Purohit is officially on mobile payments and commerce platform Paytm’s board to lead its payment bank business.
Purohit, an IIM-Bangalore alumnus who till recently headed the fashion and lifestyle category at Amazon, has joined Paytm as VP. "One key reason to get Vikas on board is that we needed someone who holds both online and offline retail experience," said Vijay Shekhar Sharma, CEO, Paytm. Before his two-year stint at Amazon India, Purohit worked with Tommy Hilfiger, Reliance Brands and Madura Garments for more than 10 years.
At Paytm, Purohit will look after the expansion of payment bank business offline through branches and agents once the Reserve Bank of India (RBI) gives operational clearances. In August, RBI granted payment bank licences to 42 applicants including Paytm, Reliance Industries, Bharti Airtel and Vodafone. These entities can take deposits, convey remittances and dispense payments to recipients, making them ideal for migrant workers who need to send money home.
These banks can't lend to their customers, though. India's growth hungry unicorns are poaching talent from across industries including online rivals, consulting firms and consumer firms as they look to build a strong management team to strengthen critical operations.